Virtual Power Plant Market Forecast, Developments & Future Scope To 2027
The global virtual power plant market share is predicted to grow at a healthy 22.6% CAGR between 2019- 2026 states the recent Market Research Future (MRFR) analysis. Virtual power plants or VPP are used for optimizing the generation of power from existing sources, integrating different renewable energy sources, and finally reducing the carbon footprint on the environment.
Various factors are propelling the global virtual power plant market trends. As per the current MRFR report, such factors include the development of smart grids, growing demand for electric cars, decreasing cost of energy storage & solar generation, the rising share of renewable energy in the power generation mix, favorable government policies, and the possibility of the five-minute scheduling policy with VPP.
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On the contrary, weak regulatory framework, the threat of cyberattacks, the challenge to maintain privacy & security of ample data that is generated from consumers, health safety concerns about radiofrequency & electromagnetic frequency exposure, and the current COVID-19 impact are factors that may limit the global virtual power plant market growth over the forecast period.
The MRFR report provides an inclusive segmental analysis of the global virtual power plant market based on end user and technology.
By technology, the global virtual power plant market is segmented into mixed asset, demand response, and distribution generation. Of these, the demand response segment will lead the market over the forecast period as it improves the energy efficiency of the grid and also offers end users with everlasting benefits.
By end users, the global virtual power plant market is segmented into residential, industrial, and commercial. Of these, the industrial segment will dominate the market over the forecast period. The peak load of electricity is the maximum in different industries like chemical, paper and pulp, and petroleum that has created a productive market for VPP in the industrial sector.
Based on region, the virtual power plant market report covers the recent trends and growth opportunities across North America, the Asia Pacific (APAC), Europe, & the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. The growing need for grid stability that can be fulfilled with virtual power plants, increasing sales of electric cars, shift towards renewable sources of energy, and burgeoning demand for virtual power plants are adding to the global virtual power plant market growth in the region.
The global virtual power plant market share in Europe is predicted to hold the second-largest share over the forecast period. New government initiatives on 100% green energy across various European countries, coupled with the presence of several prominent industry players are adding to the global virtual power plant market growth in the region.
The virtual power plant market trends in the APAC region is predicted to grow at a fast pace over the forecast period. Rapid industrialization, coupled with increasing demand for virtual power plants in India & China, is adding to the global virtual power plant market trends in the region.
The virtual power plant market in the RoW is predicted to have sound growth over the forecast period. Development of new renewable power projects and the burgeoning demand to set up virtual power plants to effectively manage the distributed energy resources are adding to the global virtual power plant market growth in the region.
Eminent players profiled in the global virtual power plant market report include Siemens AG (Germany), Schneider Electric SE (France), Robert Bosch GmbH (Germany), International Business Machines Corporation (U.S.), Hitachi, Ltd. (Japan), General Electric Company (U.S.), Flexitricity Limited (U.K.), Enernoc, Inc. (U.S.), Enbala Power Networks, Inc. (Canada), Cpower Energy Management (U.S.), Comverge (U.S.), Cisco Systems, Inc. (U.S.), Blue Pillar, Inc. (U.S.), Autogrid Systems, Inc. (U.S.), and ABB Ltd. (Switzerland).
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